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Section 430(2B) Companies Act 2006 Statement

1 January 2024

Section 430(2B) Companies Act 2006 Statement

Further to the announcement made on 5 October 2023, the Company confirms that Richard Smith stepped down as Chief Executive and Director on 31 December 2023.

As required by section 430(2B) of the Companies Act 2006, details of the remuneration payments made to or to be made to Richard are set out below. These arrangements comply with the Company’s Directors’ Remuneration Policy, which was approved by shareholders at the 2022 Annual General Meeting.


Salary and benefits 

Richard remains an employee of the Company until 3 October 2024 and will continue to receive his salary and normal benefits during the remainder of his employment.

Annual Bonus

Richard will be eligible to receive a bonus in respect of the Company’s 2023 financial year. This will be assessed and paid in the normal way, with 50% of any bonus earned satisfied in Unite Group plc shares, deferred for two years under the Deferred Bonus Plan.  No bonus will be payable to Richard for any subsequent financial year.

Richard’s outstanding Deferred Bonus Plan awards, which reflect past performance, will continue to vest at the end of their respective two-year deferral periods and be included in Richard’s post-exit shareholding requirement until 31 December 2025.


Share awards – Long Term Incentive Scheme (LTIP)

Richard will receive good leaver treatment in relation to all unvested Performance Share Plan (PSP) awards, each of which will continue to vest on the normal vesting dates subject to satisfaction of the applicable performance conditions and to time pro-rating.  Any vested awards will be subject to the usual two-year mandatory holding period thereafter.  The Remuneration Committee will retain full discretion and will, in advance of each vesting date, consider whether Richard remains a good leaver or whether an alternative treatment should apply.

With the agreement of Richard, all outstanding Employee Share Option Scheme (ESOS) options lapsed in full on 31 December 2023.


Other payments

No other payments are due to be paid to Richard.


Further information

The relevant remuneration details relating to Richard Smith will be included in the Directors’ Remuneration Report in the Annual Report and Accounts for the year ended 31 December 2023.

In accordance with section 430(2B) of the Companies Act 2006, the information contained in this document will be made available on the Company’s website until the Company’s 2023 Directors’ Remuneration Report is made available.